Morningstar rating, page-8

Read the announcement 8/11/19 (1st Investment Round Banking Services Unit) and 6/1/2020 (Next Investment Round Banking Services) this explains the funding re: RADI and the ADI.

As mentioned by another poster Novatti group would possibly be close to cash flow positive had it not been for the initial cash flow requirements for the early banking set up which now moving forward has its own seperate funding. But this is not important as the focus will be on growth!

The first Bank in Aus was bank of NSW (now Westpac) started in the early nineteenth century whilst CBA Australia's largest and most profitable bank open almost 100yrs later in the 20th century. Not sure this century head start has impacted CBAs ability to secure customers and make money. Just as Apple being the first to launch smart phones hasn't impacted Samsung or Huawei ability to make money and/or take over Apple as the number one smart phone seller. Nor has Afterpay or Zippay been impacted by the fact that BNPL group Flexipay had a two decade head start.

There is and there will be a market for many many many more Neo or alternative banks. Both Volt and NOV can and mostly will thrive. So when the opportunity arises why not hold both.

NOV has clearly set out to differentiate itself to competitors by saying it wants to be a bank for the migrants. They already have 100s of thousands of "potential banking" customers across 59 countries already using their remittance (Chinapay and Flexewallet), bill payment (basis2) or pre-paid cards (vascopay now a VISA partner) services. We can also see by their top 20 share owners where they see major opportunities.

I think the potential listing of VOLT is great for NOV and once NOV gets its RADI and the media jumps on board this will bring new investors to both. Hopefully, alternative/new financials (fintech) may attract the equivalent of the investor interest in the BNPL area in 2019. DYOR.